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Deferred Life

Offering reliable permanent life insurance coverage for the hard-to-insure applicants and those with pre-existing conditions.

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Who should consider
Deferred Life?

Deferred Life is a simple, permanent insurance solution designed to meet the insurance needs of those with serious health conditions (including a heart condition, cancer or diabetes). Even if you have been previously declined, you may be eligible for this permanent life insurance plan. It is generally purchased to cover final expenses by individuals who are not eligible for other plans of insurance. Canada Protection Plan is proud to offer term and permanent life insurance plans designed to meet the needs of everyone, even if you’re hard-to-insure.

How much insurance can I buy?

18-60Issue Ages and Amounts

$ 99

Per Month

years old

  • Minimum Face Amount $10,000
  • Maximum Face Amount $75,000
BENEFITS
  • Accidental Death Benefit (Optional)
  • Terminal Illness Benefit (Included)
  • Transportation Benefit (Included)

61-80Issue Ages and Amounts

$ 99

Per Month

years old

  • Minimum Face Amount $5,000
  • Maximum Face Amount $50,000
BENEFITS
  • Accidental Death Benefit (Optional)
  • Terminal Illness Benefit (Included)
  • Transportation Benefit (Included)

What is important to know about Deferred Life?

Deferred Life is designed to provide lifetime protection to those with serious insurability conditions. The death benefit is limited to a return of premiums plus 3% simple interest if death occurs by other than accidental means in the first two years. The full coverage amount is payable if death occurs after two years or death is accidental.

What options do I have to pay premiums?

Premium options include annual payments by cheque or credit card and monthly payments by pre-authorized bank debits. The minimum annual premium offered is $150.00. The minimum monthly premium is $15.00.

What guarantees exist under this plan of insurance?

  • The coverage amount will never decrease for the life of the policy.
  • Premiums are guaranteed not to change for the life of the policy.
  • Policies accumulate guaranteed cash values beginning in the fifth policy year. You can use these cash values to pay premiums for as long as there are sufficient cash values. If you choose to cancel your policy, any remaining cash value will be paid to the policy owner.
  • Satisfaction guaranteed or money refunded – all Canada Protection Plan™ policies include a 10 Day Free Look Guarantee that gives you 10 days from the date you receive your policy to review it and decide if it is right for you. If you decide to return your policy in that 10 days, we will refund your premium, no questions asked.

What additional benefits are included with every Deferred Life Insurance policy?

Every Deferred Life policy includes at no additional cost:

  • a Terminal Illness Benefit, which can pay up to 75% of the death benefit to a maximum of $250,000 to the policy owner upon diagnosis of a terminal illness, and
  • a Transportation Benefit, which can assist with the cost of transporting the body of the insured if they die more than 200 kilometers from their principal residence.

In addition, all Canada Protection Plan policies may include a number of non-contractual member benefits, offered by Foresters Life Insurance Company, the company which underwrites our policies. These are just a few listed, when you receive your policy, all benefits will be outlined.

  • an online document preparation service helps create customizable wills, powers of attorney and healthcare directives *
  • a competitive scholarship program to help with the rising cost of post-secondary education
  • a renewable higher learning scholarship worth up to $6000 per year for four years for children of deceased members
  • a financial grant allows members to create local activities that foster fun family time through unique opportunities
  • an easy-to-use learning library offering a diverse range of over 200 online courses that can be accessed anytime, anywhere
  • a monthly payment for orphans up to the age of 18 upon the death of both parents

LawAssure online document preparation service is provided by Epoq, Inc. Epoq is an independent service provider and is not affiliated with Foresters. Not available in Quebec, the Yukon, the Northwest Territories and Nunavut. LawAssure is not a legal service or legal advice and is not a substitute for legal advice or services of a licensed legal advisor. Foresters Financial, their employees and life insurance representatives, do not provide, on Foresters behalf, legal, estate or tax advice.

What additional benefits may be added with every Deferred Life Insurance policy?

For an additional premium, depending on your age, you may be eligible to purchase an Accidental Death Benefit for up to 5 times the basic life insurance death benefit. This benefit will pay the chosen additional amount if the cause of death is accidental (as defined in your policy).

Deferred Permanent Life Insurance offers you the peace of mind that should the unexpected occur, your loved ones will be protected from the burden of final expenses, funeral costs, medical bills, and other outstanding debts.

Just because you’re hard-to-insure doesn’t mean that securing coverage should be a complex, lengthy process. The application for Deferred Life is simple and straightforward, and our Advisors are available to help you every step of the way. Use our Quick Quote tool to see how affordable your premiums can be based on your coverage needs, and compare the rates of some of our most popular permanent life insurance plans. 

Contact us to learn how Deferred Life Insurance can offer you the lifetime protection you need, with the benefits you can trust from Canada Protection Plan.

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